Ahmad Farroukh, appointed CEO of Nigerian telecom giant Globacom in October 2024, has resigned after just one month in the role, multiple sources close to the matter have confirmed.
While Globacom has yet to issue an official statement or notify employees of the development, insiders suggest that Farroukh’s abrupt exit stems from challenges related to the company’s organizational structure.
A mid-level Globacom manager, speaking anonymously, speculated that Farroukh’s decision was tied to frustrations with the company’s operational setup. This was corroborated by a senior official at the Nigerian Communications Commission, who confirmed the resignation but declined to provide further details.
Farroukh’s resignation underscores longstanding criticisms of Globacom’s governance and organizational structure.
The company, founded by billionaire Mike Adenuga, has traditionally operated with centralized decision-making, where Adenuga is reportedly involved in most major decisions.
This model, while effective in the early years of Globacom’s growth, may have proven incompatible with Farroukh’s leadership style. Having previously worked in highly structured organizations like MTN and Airtel, Farroukh likely anticipated greater operational autonomy—something Globacom’s unique corporate culture may not have offered.
A former executive at the company noted, “Globacom operates almost like a family business, with minimal separation between the founder’s other ventures in oil, gas, financial services, and real estate. This can stifle innovation and make it difficult for external executives to implement meaningful change.”
Farroukh’s resignation comes at a turbulent time for Globacom. In late 2024, an NCC audit revealed that over 40 million Globacom subscribers were not properly registered with their National Identification Numbers, in violation of government regulations. This resulted in a significant loss of subscribers and a drastic reduction in market share. Globacom now holds just 12% of the Nigerian mobile market, down from approximately 30% earlier in the year.
The company has also struggled with cybersecurity vulnerabilities. In 2023, a high-profile hack exposed the personal data of millions of subscribers, further damaging Globacom’s reputation and eroding customer trust. These operational and regulatory challenges may have created an environment where Farroukh’s ability to enact quick, impactful changes was severely limited.
Industry observers have expressed concern over the implications of Farroukh’s departure for corporate governance in the telecom sector. Ayoola Oke, a former Special Adviser to the former NCC Executive Vice-Chairman Ernest Ndukwe, commented, “A CEO leaving after just one month is unprecedented in this industry.
The NCC has the authority to investigate the reasons behind such an exit, either by engaging the CEO or the company. This is a corporate governance issue, and the NCC Act provides for oversight in such matters.”
Globacom now faces critical questions about its ability to address internal dysfunction and regain its competitive edge. The leadership vacuum left by Farroukh’s exit, combined with the company’s declining market share and mounting regulatory pressures, highlights the urgent need for structural reforms.
